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AUSTRALIAN INDUSTRY GROUP EXPORTERS GUIDE 2015--2016 l 7
ECONOMIC OUTLOOK
strengthen to grow by a further 3.8 per
cent in 2016, according to the latest
forecasts from the IMF, released in July
(Chart 1 and Table 1). Such a growth
outlook is still considered 'moderate'
by the IMF, and follows growth of 3.4
per cent in both 2013 and 2014. In
the period between 2000 and 2007,
global growth averaged 4.5 per cent
per year; yet, following the fnancial
crisis, it has only managed to reach this
pace once, in 2010.
Australia's major trading partners are
forecast to grow by around their long-
run average of four per cent in both
2015 and 2016, according to the RBA.
This forecast encompasses an expected
slowing in the Chinese economy. But,
Chart 1: World gross domestic product (GDP) growth
Table 1: IMF projections for global growth
IMF in Jul 2015
IMF in Apr 2014
IMF in Oct 2014
Change in GDP (% p.a.)
2015
2016
2014
2015
2014
2015
World
3.3
3.8
3.5
3.8
3.3
3.8
Advanced economies
2.1
2.4
2.4
2.4
1.8
2.3
United States
2.5
3.0
3.1
3.1
2.2
3.1
Euro area
1.5
1.7
1.5
1.6
0.8
1.3
United Kingdom
2.4
2.2
2.7
2.3
3.2
2.7
Japan
0.8
1.2
1.0
1.2
0.9
0.8
Emerging and developing
4.2
4.7
4.3
4.7
4.4
5.0
China
6.8
6.3
6.8
6.3
7.4
7.1
India
7.5
7.5
7.5
7.5
5.6
6.4
ASEAN
4.7
5.1
5.2
5.3
4.7
5.4
Sources: IMF, World Economic Outlook, July and April 2015, and October 2014
Australia's resource exports continue to grow